Attorney Jeremy Hogan said the SEC should announce the top 20 altcoin projects that are securities. The US regulator has been filtering the altcoin market for some time now. However, it is still unclear which cryptocurrencies and technologies it accepts.
Jeremy Hogan wants to learn about SEC-approved altcoin projects
Ripple Attorney Jeremy Hogan has urged the US regulator SEC to clarify the legal framework of the crypto market. Hogan recently asked the SEC to identify the top 20 cryptocurrencies that fall under its jurisdiction. He also tweeted that the SEC should make it clear which cryptocurrencies it approves. According to the veteran attorney, the SEC should not conceal its method of identifying cryptos it considers securities.
The SEC should be able to go down a list of the top 20 cryptocurrencies and tell us which are (and aren't) securities.
Why not?
Why does it CHOOSE ambiguity?
Isn't it supposed to be protecting us from these projects that aren't following the law? Tell us! https://t.co/CeT9r1fc6S
— Jeremy Hogan (@attorneyjeremy1) September 2, 2022
Despite these calls from many crypto enthusiasts, the financial regulator has repeatedly ignored such calls. As you follow on Kriptokoin.com, SEC chairman Gary Gensler recently claimed that he views Bitcoin as the only non-security cryptocurrency. Gensler explained that in many altcoins, investors want a return on their investment like other financial assets.
Therefore, such altcoins are considered securities. In addition, many cryptocurrencies have properties that fall within the definition of securities. However, Bitcoin is the only crypto asset that does not have these features and can be classified as a commodity.
Thailand’s SEC introduces new crypto advertising rules
The US SEC is not the only regulator trying to regulate the crypto industry. Regulators in other regions are doing the same. On Wednesday, the Thai SEC announced a new set of rules for crypto firms looking to promote their products and services. According to the official statement from the commission, there are six new rules for crypto firms.
First, an ad must not contain any false or misleading information, including user numbers. The regulator also specifies that all warnings must be thick enough for easy reading. Warnings should include benefits and risks to investors. Thailand SEC has decided that the promotion of certain cryptocurrencies should only take place through official websites and other limited channels. But crypto firms can promote their public services on open channels. The final rule states that Thai’s SEC has revoked the policy promoting broker brokers.
These brokers often refer clients to brokerage services. The announcement states that the new rules have already been in effect since September 1. The regulator has given crypto firms the next 30 days to modify their existing ads to comply with the new rules. These new rules are not the first to be introduced by the Thai SEC. Earlier in the year, the regulator banned the use of crypto for financial deals. However, the Thai SEC still issues operational licenses to crypto firms. It granted four such licenses last month.
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